Thu, 01 Dec 2011 | ADMINISTRATION
Lloyds Banking Group is mulling putting Battersea Power Station into administration to facilitate a search for an investment partner and developer.
A High Court hearing has been arranged for 12 December to confirm the appointment of Ernest & Young as the administrators.
Lloyds and the National Asset Management Agency have called for Irish developer and main shareholder Real Estate Opportunities to repay £324 million of debt. Real Estate Opportunities is the subsidiary of Irish property tycoon duo Johnny Ronan and Richard Barrett used to buy Battersea Power Station in 2006. There is now a total of £502 million of debt attached to the site.
It has been indicated by sources close to the banks that an interested party, Malaysian property developer SP Setia, may still buy the site, and effectively stop it from entering an administration process. Lloyds is said to have rejected a recent second bid to acquire the power station by buying up its bank debt from SP Setia this week, as the bank was not satisfied with the related conditions or the deposit offered.
With the power station in administration Lloyds could consider proposals from Roman Abramovich and Chelsea FC, which is interested in the site for a new stadium. British Land and private equity firm Blackstone are also thought to have expressed an interest.
The site has planning consent for the build of 3,400 new homes and 900,000 sq. metres of retail and office space.
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